Indonesian shipping companies are acquiring older large LNG carriers at a time when vessel values have been declining for four consecutive years, bringing laid-up tonnage back into service.
According to Splash247, Indonesian owners have now bought six large LNG carriers in 2026, with half of them understood to have been laid up before changing hands. The buying spree comes as the LNG carrier segment faces a weaker pricing backdrop, with values trending downward for four years straight.
Acquisition Details
The most recent purchases involve two sibling ships sold by Malaysian owner MISC. Brokers reported the sale of the 158,000 cu m Seri Balhaf (built 2008) and the 158,000 cu m Seri Balqis (built 2007), both built at Mitsubishi Heavy Industries, about a month ago. Buyers were initially unknown, but have now emerged.
- Sillo Maritime Perdana, through its subsidiary Golden Prima Maritime, bought the 17-year-old Seri Balqis. The vessel has been renamed Golden Queena, marking the company’s first large diesel-engine LNG carrier. It will join its existing 2007-built steam turbine LNG tonnage. VesselsValue places the price at around $65m.
- Soechi Lines purchased the sister vessel Seri Balhaf, renaming it SC Prestige. This brings Soechi’s large LNG carrier fleet to four vessels.
- Both former MISC ships were noted as laid up before the sale.
Earlier in March, Indonesia’s Buana Lautan Line sealed a surprise purchase, adding the 138,000 cu m Seapeak Jupiter, a 2002-built steam turbine LNG carrier, for $14.9m. The vessel has since been renamed Gas Polaris, in a rare example of a vintage steam turbine LNG unit finding a second life rather than heading directly for recycling.
| Vessel | Builder | Year | Capacity (cu m) | Buyer | New Name | Price (est.) |
|---|---|---|---|---|---|---|
| Seri Balhaf | Mitsubishi Heavy Industries | 2008 | 158,000 | Soechi Lines | SC Prestige | ~$65m |
| Seri Balqis | Mitsubishi Heavy Industries | 2007 | 158,000 | Sillo Maritime Perdana (Golden Prima Maritime) | Golden Queena | ~$65m |
| Seapeak Jupiter | Not specified | 2002 | 138,000 | Buana Lautan Line | Gas Polaris | $14.9m |
Implications for LNG Shipping
The reactivation of laid-up vessels adds capacity to the LNG shipping market, which could influence spot freight rates in a segment already under pricing pressure. According to Splash247, values for LNG carriers have shown a downward trend for four consecutive years. The acquisitions by Indonesian owners absorb idle tonnage, potentially softening the oversupply of older vessels.
On the supply-reduction side, Asyad Shipping has moved to scrap a 2001-built Mitsubishi Heavy Industries LNG carrier, with MarineTraffic showing the vessel positioned off Alang, the shipbreaking hub in India. This removal of older tonnage partially offsets the fresh capacity brought in by Indonesian buyers.
Watch List
- LNG carrier values continue to slide, with four consecutive years of decline. Further price drops could spur more purchases by Indonesian or other regional owners.
- Laid-up vessel counts – half of the six vessels bought this year were idle before sale. A reduction in laid-up inventory may tighten supply for spot charters.
- Scrapping activity – the Asyad Shipping scrapping at Alang signals that owners are still recycling older units, which could accelerate if values fall further.
- Broker reports on additional unconfirmed sales may reveal further Indonesian appetite for second-life LNG tonnage.
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